RE-Pasadena

REALTOR® Magazine-Daily News-30-Year Rates Back Below 5%

2011-02-25T16:37:00.000-08:00

REALTOR® Magazine-Daily News-30-Year Rates Back Below 5%

Great article!!

For all your real estate needs, contact the best!

Jess Mangubat
Dilbeck Realtors
626.431.2266
jessmangubat@yahoo.com

How to Dispute Mistakes In Your Credit Reports With the Credit Bureaus

2010-12-21T20:54:00.001-08:00

A few helpful tips if you see something that shouldn't be on your credit report.

You can dispute mistakes with the credit bureaus by mail or telephone, but you’ll get the fastest results if you initiate a dispute online. Here are the websites and phone numbers you should use for the credit bureaus when you contact them to dispute errors:

http://www.investigate.equifax.com or 888-800-8859
http://www.Experian.com/disputes or 866-200-6020
http://www.Transunion.com/investigate or 800-916-8800

It’s best to dispute errors one at a time – because contesting a slew of alleged mistakes all at once may cause your dispute(s) to be thrown out. By law, the credit bureaus can opt not to investigate your claims if they deem your dispute(s) to be “frivolous” or “irrelevant.”

What to Expect From the Credit Bureaus

Generally speaking, all three credit bureaus allow you to dispute errors related to the “Ownership” of an account or the “Account Information”/“Status” of an account. For example, when you fill out the dispute investigation forms supplied by the bureaus to mail them in, or when you file an online dispute, the bureaus will ask you to check off boxes that specify what information you are contesting.

Disputing Ownership of an Account

If you dispute “Ownership” of an account, you will check one of these boxes:
• I have no knowledge of this account.
• This account does not belong to me.
• This is not my account; it belongs to a relative or another person with same/similar name.
• This account belongs to my ex-spouse.
• This is a fraudulent account; account opened by someone who stole my identity.
• Fraudulent charges were made on my account.
• Creditor agreed to remove my liability on this account.
• Corporate account.
• I am no longer liable for this account.
• I did not authorize this inquiry.
• This is a fraudulent inquiry.
• Other.

Disputing “Account Information or “Status”

If you dispute the “Account Information” or “Status” of an item, you will check one of these boxes:
• This account is included in my bankruptcy.
• My credit limit and/or high credit amount is incorrect.
• My account balance is incorrect.
• Please verify date of last payment, date opened, date closed, or date of delinquency.
• Please verify the account descriptions shown on my account.
• I have never paid late.
• This account is closed.
• This account is not closed.
• My account is closed per my request to the creditor.
• This account is paid.
• I have paid this account in full.
• I paid this account before it went to collection or before it was charged off.
• Too old to be on file, please remove.
• Terms are incorrect.
• Creditor agreed to remove charges and/or fees.
• Creditor agreed to remove this account from my file.
• This account is transferred to another lender
• I am a victim of a natural or declared disaster.
• I have Active Military Duty status.
• Account is deferred.
• This account is settled.
• Other.

There may be variations in some of the wording. But as of this writing, these are all the possible reasons for disputes at Equifax, Experian and TransUnion.

The Differences Between Equifax, TransUnion and Experian

At Equifax and TransUnion, you can only choose from either the “Ownership” dispute category or the “Account Information” category that best describes your dispute. You can not make selections from both categories.

Equifax’s online dispute system also allows you to add a “Dispute Account Statement.” There you can type up to 250 characters to provide additional information to support your dispute.

At Experian, you can enter up to 120 characters about your reason for disputing something in your credit file. Experian alerts consumers that it will send your statement to the creditor. For example, assume you check the reason for your dispute as “I have never paid late.” If you then want to explain your position, you might add a statement such as: “The creditor said they misapplied my payment,” or “I moved but my creditor acknowledged that they erroneously sent the bill to my old address.” Such statements will be sent by Experian to your creditor to help them understand why you are disputing certain reported information. (Under federal law, all creditor bureaus are supposed to forward your explanation statements or supporting information to creditors/furnishers when you have a dispute. But critics say the credit bureaus routinely violate this requirement just to cut costs and save money).

At TransUnion, the online dispute service specifies that you can make only one submission that includes all of your requests for investigation or changes of information. If you need to make additional requests after your online dispute, you must call or write the bureau. TransUnion’s mail-in form, called a “Request for Investigation,” also includes a section for you to write in additional comments related to your dispute.

Proving That a Mistake Exists is Up To You

Remember: In the event of a mistake, the burden is on you to notify the credit agencies about that error. And it’s not enough to simply say something is “incorrect.”

You have to state why certain information is erroneous or outdated. Once you do, your claim will be investigated. If you have documentation like statements or cancelled checks, provide copies to support your claim.

In general, the credit bureau has 30-45 days to investigate your dispute and respond to you, in writing, with the results of the investigation.

Hopefully this helps and let me know your input.

How to Safeguard Your Credit, Privacy and Accounts While Holiday Shopping

2010-12-05T08:57:00.001-08:00

After a tough couple of years, Americans are loosening the grips on their wallets and planning to do a bit more shopping this holiday season.

The National Retail Federation predicts the average U.S. shopper will spend $689 over the holidays, up slightly from $682 in 2009.

Many of us will hop on the Internet to comparison shop and score bargains. But plenty of people will head to the malls and other brick-and-mortar stores to purchase holiday gifts, decorations, toys and more. Here are some helpful tips to safeguard your credit, your privacy as well as your bank accounts whether you’re shopping over the Internet or in person.

For Online Shoppers

While Black Friday – the day after Thanksgiving – has traditionally kicked off the official holiday shopping season, savvy consumers are increasingly interested in Cyber Monday deals that can typically be found only online.

So if you’re like me and you dread the thought of getting up early for in-store deals or battling massive hordes of shoppers, use these guidelines to shop safely and easily from the convenience of your home.

Only Use Secure Sites

The number one rule of safe online shopping – during the holidays or any other time of the year – is to only use secure websites. These are highly safe sites because they utilize encryption technology, which scrambles your credit card number and other personal information, making it nearly impossible for thieves and hackers to steal your data.

You’ll know a site is secure if it has any of these three things:

*a website or order page that says https://. The letter ‘s’ is your clue that the site uses encryption;

*a closed padlock at the bottom of the page. Don’t place any orders on sites where there’s an open padlock; or

*an unbroken key, which also signals safety measures are in place.

Stick With Reputable Sellers

When buying online, it’s best to patronize merchants and retailers you know, or those you’ve done business with before. If you plan to purchase something from an individual or a company that you’re not familiar with, be sure to first check out consumer reviews about the merchant. You can also check out companies from the Better Business Bureau.

Pay the Right Way

Never sends personal checks or money orders for merchandise you buy online. Credit cards generally are a safe option because they allow buyers to seek a credit from the issuer if the product isn’t delivered or isn’t what was ordered.

Guard Your Passwords

Many websites require you to set up an account or create passwords in order to complete online transactions. Be sure to keep passwords private and not divulge them to others. Also, don’t create easy-to-crack passwords, such as those with birthdates.

Read the Privacy Policy

To decrease the chances of winding up on someone’s spam list, or getting unwanted junk emails, always find and read the privacy policy for an online retailer you’re patronizing. Usually the privacy policy is on a website’s home page or in a section called “Legal.” The privacy policy will tell you what information the seller plans to collect from you, and how that information might be used, and how you can stop data about you from being distributed to third parties. Don’t ever give up private information like your social security number to anyone online. And ideally, you’d want to see a seal from a privacy enforcement organization, such as BBBOnLine or TRUSTe.

Complain if Necessary

If something goes wrong with an online purchase – say, your order doesn’t arrive or you get double billed – don’t hesitate to complain to the seller. If your complaints are not satisfactorily handled, you can also register complaints with the Better Business Bureau (http://www.bbbonline.org), the Federal Trade Commission (http://www.ftc.gov or 877-FTC-HELP) or the State Attorney General in either your state or the seller’s state (http://www.naag.org).

For In-Store Shoppers

Those of you shopping in retail stores should follow these tips:

Know the Return Policy

You should know a retailer’s return policies before spending money in a particular store. In addition to getting the low-down on how many days you have to make a return, or what items are and aren’t exchangeable or refundable, pay close attention to return policies that are specifically tied to your use of credit cards. For example, some stores may demand that you show the same credit card used during a purchase if you want to make a return. Others will only give you store credit, or credit back on your credit card, as opposed to cash refunds. Whatever the details, make sure you understand everything upfront before buying anything.

Keep Those Receipts

In the hustle and bustle of holiday shopping, it’s easy to lose track of how much money you spent and where. To minimize your risk of being over-charged and to protect your credit information, destroy carbon copies you might get from retailers, but keep the receipts. Later, check those receipts against the charges shown on your credit card statements to make sure everything is correct.

Limit What You Carry

Don’t carry your entire collection of credit cards, your checkbook and a wad of cash with you all in the same wallet. If a pickpocket targets you or you lose your wallet, you could lose all of it. Instead, leave some things at home and carry only what you need. And remember, never carry your Social Security card in your wallet.

Protect Your Cards

Lastly, you can protect your credit cards in several ways while shopping in stores. Start by only carrying one or two cards with you. Also, always double-check to make sure that cashiers return your credit cards after you’ve made a purchase. And finally, create a list of all your credit card account numbers and the numbers to call if they’re lost or stolen. Put this list away at home for safe-keeping.

By following these steps, you’ll have peace of mind this holiday season, knowing that your personal information, credit and privacy are all being properly guarded while you’re shopping online and in person.

Dos and Don'ts For Credit Card Balance Transfers

2010-12-04T14:07:00.001-08:00

Dos and Don'ts For Credit Card Balance Transfers

Shifting debt from one credit card to another can save you lots of money – particularly if you’re taking debt from one high interest rate card and transferring it on another lower interest rate card.

Here are some do’s and don’ts if you’re considering a credit card balance transfer.

DO Look at the Entire Deal
Too often, when people conduct balance transfers, they only look at the interest rates of the credit cards involved. But it’s really wise to look at the overall deal you’re getting.

For example, is there a fee involved to do the transfer? If so, how much? Does your old or new card have an annual fee? What terms apply to each card? What credit limits will be imposed on each card?

Weigh all of these factors in your decision-making, and do the math to make sure a balance transfer makes good economic sense.

DO Get Online
Comparison shop online to make sure you’re getting a good deal. Several consumer-friendly websites – such as Bankrate.com, CardWeb.com and CardRatings.com* – will help you shop around, which can save you time and money when you’re trying to find a card that best fits your needs. The sites let you search for cards in multiple categories, such as:

• Low rate (ranked by APR)
• Low Intro/Promotional Rate
• No Annual Fee
• Rewards (gas, travel, cash-back, etc.)
• Secured (deposit required)
• Business
• Student
• Pre-paid/Gift Cards
• Smart Cards

DON’T Apply for Too Many Cards at Once
I don’t recommend applying for multiple credit card accounts at once, even if you get multiple offers with very low interest rates. Opening up too many accounts at once can actually hurt your credit score for two reasons.

For starters, the length of your credit history is one factor (approximately 15%) used in determining your FICO® credit score. Generally speaking, the longer you have been managing credit, the more positive that influences your score. So if you open several new accounts at the same time, the average age of your accounts will decrease and possibly lower your score. (Source: MyFICO.com)

Additionally, you don’t want to have too many inquiries on your credit report. When you apply for credit, a “hard” inquiry is generated. Even though inquiries account for just 10% of your FICO® credit score, my personal experience has found that it's not uncommon for a single inquiry to result in a double-digit drop in your score.

Although this “hard” inquiry stays on your credit report for two years, the good news is that a “hard” inquiry only counts against you for the first 12 months. After one year, that inquiry is no longer taken into consideration when your FICO® score is calculated. (When you check your own credit report, a “soft” inquiry is generated. “Soft” inquiries have no impact on your credit rating and don’t hurt your score). (Source: MyFICO.com)

DON’T Close Old Accounts Immediately
Some people mistakenly believe that getting rid of their credit cards will improve their credit. Therefore, they immediately close certain accounts once they pay them off, or when they complete a balance transfer. But doing so is a mistake that could hurt your credit score in two ways.

First, if you cancel existing accounts, you don’t get the full benefit of having those older accounts get counted in the “average age” of your accounts. And remember, a longer credit history is viewed more favorably.

Also, if you close a credit card account, especially one that now has a zero balance after you’ve done a balance transfer, you can inadvertently impact your credit utilization rate. With less credit available, your credit usage ratio will increase, lowering your credit score.

So even if you do a balance transfer, it’s generally best to keep open an older account that has a long credit history open. If for some reason you simply don’t want the card any more – perhaps it has a high annual fee – just keep the account open for a while after you complete the balance transfer. Later, you can close it, after you’ve had the new credit card account for a year or so.

Dos and Don'ts For Credit Card Balance Transfers

2010-12-04T14:06:00.000-08:00

Housing: Mortgage database's murky legal status adds another wrinkle to foreclosure mess - latimes.com

2010-10-21T11:49:00.000-07:00

Housing: Mortgage database's murky legal status adds another wrinkle to foreclosure mess - latimes.com

LA County Fair Discount

2010-09-07T13:02:00.001-07:00

LA County Fair Discount

COURTESY OF Bolton and Company

We are again pleased to offer to all Bolton clients, your employees and their family members, special pricing for the LA County Fair, which will be opening Labor Day weekend (Saturday, September 4th). The Bolton rate is $9 for adults (vs. $17 on the weekends) and $6 (vs. $12) for children ages 6-12 (please note that there is a $1 processing fee per order). This discounted pricing can only be obtained online with the exclusive access code as listed on the flyer below.

Enjoy!

NEW CREDIT CARD LEGISLATION

2010-07-24T10:08:00.001-07:00

New Credit Card Legislation:
What You Need to Know

New laws have radically changed how credit card companies can operate. Here's what you need to know about the new credit card legislation and how it may affect you.

Over-limit fees have been banned. Purchases are now denied if there are insufficient funds. And if cardholders want overdraft coverage, they must choose to opt in for this service. This is a huge loss of revenue for credit card companies and they've mounted an aggressive campaign to convince cardholders to opt in. The fees are typically $30 for each time you use your credit card and don't have sufficient funds available.

One of the consequences of the new legislation is that credit card companies are reducing available credit limits, some by as much as 50%. If you carry an outstanding balance, this is a concern because a higher debt-to-credit ratio could potentially lower your credit score. On each credit account, it's best to keep debt less than 30% of your available credit.

Credit card bill payments are now due on the same day every month. You can now schedule automatic monthly payments to avoid being late on paying your bill.

Credit card companies are busily sending cardholders the details of their new terms. These new terms might include annual fees, higher interest rates and lower reward points. Cardholders have the option of opting out of these new terms, whereupon the account will be closed. However, under the new legislation, cardholders have five years to pay off the debt under the old terms.

Rose Magazine, Pasadena, California: L.A. Street Food Fest lands at Pasadena's Rose Bowl in July

2010-07-22T17:36:00.000-07:00

Rose Magazine, Pasadena, California: L.A. Street Food Fest lands at Pasadena's Rose Bowl in July

For all your real estate needs....

2010-07-19T21:49:00.001-07:00

If you know anyone buying or selling their home, I would appreciate a chance to meet with them and discuss my outstanding service...

Thanks -

Jess Mangubat
Dilbeck Realtors - Pasadena
jessmangubat@yahoo.com

Real Estate 411:

2010-06-27T22:29:00.001-07:00

Real Estate 411:

[Housing Market] Life After the Tax Credit?
By: Sara Sutachan, senior research analyst

After dipping briefly below the 500,000 mark in April, sales bounced back strongly in May, to a seasonally adjusted annualized rate of 552,800 for single-family detached homes, increasing 14.1 percent from April and 1.2 percent from last May and registered the highest sales pace in the last five months. The current surge in home sales was due in large part to the delay in escrow closings for many first-time buyers who wanted to close in May to take advantage of both the state and federal tax credits.

However, the numbers of properties that went into contract during the month of May dropped 16.9 percent compared to April. That was consistent with expectations that activity may decline once the federal tax credit deadline passed. Looking forward, we can expect the flurry of sales dealing with tax credits to subside somewhat. However, with the state’s unsold inventory index at very lean levels (4.6 months in May, well below the long-run average of about seven months) and with mortgage rates expected to be favorable, prices should remain steady or perhaps even increase in the coming months.

For questions about Real Estate 411, please contact the Research & Economics Department at research@car.org or (213) 739-8352

2010 Decline in Value

2010-06-05T15:08:00.001-07:00

NOTICE OF REVIEW OF 2010 ASSESSED VALUE

California Law provides for a temporary reduction in assessed values when the Prop 13 value of a property excees the actual market vlaue as of Jan 1.

For more information regarding decline-in-value reassessments, please visit the Assessor's website at
http://assessor.lacounty.gov and review the information.

If you have any questions please feel free to call me.

Remember this is a free service!!

Various private companies may be sending mailings to property owners offering their services to pursue a reduction in their property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies even impose late fees if the application is received after an arbitrary deadline. Be aware that solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.

I hope this information is useful. Thank you for following my blog.

Enjoy the your weekend!!

Jess Mangubat
Dilbeck Realtors - Pasadena
626.431.2266
jessmangubat@yahoo.com

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation

2010-04-10T23:58:00.001-07:00

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation

Posted using ShareThis

FIRST TIME HOMEBUYER CREDIT HAS EXTENDED!!

2010-03-21T16:11:00.000-07:00

First-time homebuyers have to sign a purchase agreement by April 30, 2010,
and close by June 30, 2010. The income limit for claiming the
full tax credit for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. The tax credit does not have to be repaid. Homes purchased for up to $800,000 are eligible.

A first-time buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers,
this includes the home ownership history of both spouses.

THE FIRST-TIME HOMEBUYER TAX CREDIT
Did you know that first-time homebuyers have accounted for 53% of all
real estate transactions in 2009?1 Are you prepared to achieve your dream of purchasing their first home?

Know the good news about this exciting tax credit!

Call me today....

DILBECK REALTORS CHARITABLE FOUNDATION

2010-01-16T10:26:00.000-08:00

We are once again asking for your HELP!

DILBECK REALTORS CHARITABLE FOUNDATION

IS TEAMING UP WITH OUR LOCAL CHAPTER OF THE AMERICAN RED CROSS TO HELP THE VICTIMS OF THE HAITI EARTHQUAKE.

DOUBLE YOUR DONATION!!!!

As all of you know . . .Tuesday, a 7.0 magnitude earthquake caused widespread damage on the island of Haiti, especially in the capital city of Port au Prince. Every building has been damaged. Every hospital has been destroyed...every school, every house, every car, every street, every makeshift home, every orphanage, every church, every shantytown; even the capital’s main prison and presidential palace have been ruined by Tuesday’s massive earthquake. The sheer magnitude of this quake seems to have left the government there unable to mount any significant relief effort. Haitians are digging through the rubble with their bare hands as international relief agencies mobilized. It's the disaster of the century,! It has been reported that there are thousands and thousands of dead and injured.

Our Local Red Cross Needs our Help.

Dilbeck Realtors & Associates Charitable Foundation is starting a Matching Funds Drive to help the quake victims of Haiti.
The foundation’s Grants Committee is putting in place a matching grants program where the foundation will match every dollar contributed, up to $5,000. This means, if you give $25 your donation will be $50.

HERE IS HOW YOU CAN HELP AND DOUBLE YOUR DONATION:

Due to the immediate need of these victims your donation must be received by
Monday, February 1st.
Please pouch your tax deductible donation to Dennis Falsetti in the La Canada office.

Make your check payable to American Red Cross – Haiti Earthquake Relief Fund

To make a credit card donation: download a credit card authorization form from the Dilbeck intranet, fill out the information and forward to Dennis Falsetti in our La Canada office.

THANKS FOR YOUR BIG HEART!

If you have a question please contact me,
Bev Widney, 626-852-3929, or email, bev.widney@dilbeck.com or
Phone Dennis Falsetti, 818-949-7848 or email, dennis.falsetti@dilbeck.com

1st Time Home buyer Tax Credit information

2010-01-10T22:16:00.000-08:00

Tax Credits Provide Outstanding Opportunities for Home Buyers
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Frequently asked questions about the $8,000 first-time home buyer tax credit.
Frequently asked questions about the $6,500 tax credit for repeat home buyers.
Some key points for prospective home buyers.
Special rules that apply to members of the military, the foreign service and the intelligence community.

check on the link below for more answers to your questions - http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.federalhousingtaxcredit.com%2Ffaq1.php&h=c542376675fc547bc9f838bce95e35fc

Thanks again everyone!

Jess Mangubat
626.797.1886
Jess Mangubat@yahoo.com

BCS NATIONAL CHAMPIONSHIP GAME

2010-01-07T09:43:00.000-08:00

The City of Pasadena is pleased to welcome the 2010 Citi BCS National Championship Game.

On Thursday, January 7th, 2010 at 5:00 p.m. (PST) the Rose Bowl will host a match up between the Texas Longhorns and the Alabama Crimson Tide. This game will be broadcast exclusively on ABC.

Date: Thursday, January 7, 2010
Time: 5:00 p.m. (PST)
Match-Up: No. 2 BCS-ranked Texas Longhorns vs. No. 1 BCS-ranked Alabama Crimson Tide
Location: Rose Bowl Stadium in Pasadena, Calif.
Television: ABC

Fellow Residents, plan your drive home accordingly. There will be additional traffic.

Enjoy the GAME!!!

Gov. Schwarzenegger Lays out Priorities, Urges Continued Bipartisan Teamwork in State of the State Address

2010-01-06T18:20:00.000-08:00

Today, Governor Arnold Schwarzenegger delivered his annual State of the State address before a joint session of the California legislature. The Governor reflected on the teamwork that brought California through the worst recession since the Great Depression in 2009 and laid out his vision for California in 2010.

“This coming year can be summarized in one word: priorities. As we face another round of fiscal challenges, we must get our priorities straight and keep them straight. Creating jobs and getting our economy back on track, protecting education, reforming our tax and pension systems and putting an end to our boom and bust budget cycle must all be priorities,” said Governor Schwarzenegger. “I know that if we can recreate the teamwork we built last year and focus together on these priorities, California, already seeing clear signs of recovery, will emerge from these difficult times stronger and more vibrant that ever.”

In his speech, the Governor announced two new California initiatives: the California Jobs Initiative, designed to create jobs and ensure California is a better partner to the economy, and Operation Welcome Home, a program to ensure returning veterans are provided access to the services and opportunities they deserve. In addition, the Governor announced a historic shift in California’s priorities by proposing a constitutional amendment to ensure that the state never again spends a greater percentage of funds on prisons than on higher education.

The Governor also continued to push the priorities he has been advocating for years, including fighting for California’s fair share of federal funding, tackling tax and pension reform and reducing prison costs. The Governor went into detail on each priority and provided specific proposals, which include:

Constitutional Amendment to Increase Higher Education Funding
While this budget year will pose many challenges, the Governor drew the line at education and called for a historic realignment of California’s priorities. He announced that he would work to protect California’s schools and to shield higher education from further cuts. The Governor called on the legislature to help him make California’s education system a higher priority than prisons. Specifically, he proposed:
A constitutional amendment to ensure California cannot spend a greater percentage of General Fund (GF) dollars on its prisons than on higher education.
Under the Governor’s initiative, no less than ten percent of GF dollars would be allocated to fund public institutions of higher education and no more than seven percent would be allocated to support the state prison system. These mandatory limits would begin in the 2014-15 fiscal year.
The Governor announced that the amendment will include a provision that allows the California Department of Corrections and Rehabilitation the authority to contract with private entities – while retaining all authority - to build or operate prisons and manage or transfer inmates. This would save the state billions of dollars per year.

Click here for additional information on the Governor’s proposal

Jobs and Economic Growth
The Governor made it clear that his number one priority in 2010 is fostering a business-friendly economy and creating jobs. In his speech, he outlined measures he will present to the legislature to achieve that priority including:

The California Jobs Initiative, a program to pump jobs into California by creating or retaining up to 100,000 jobs and providing training to 140,000 individuals to enable them to retain their current positions or compete for higher paying jobs.
A measure to streamline the permitting of construction projects that already have a completed environmental impact report.
A proposal to extend and expand the $10,000 homebuyer tax credit to include the purchase of existing homes in addition to new residences for first-time homebuyers.
A proposal to eliminate sales taxes on green tech manufacturing equipment.
A proposal to eliminate frivolous lawsuits that punish California’s small businesses.

Click here for additional information on the Governor’s proposal

Budget and Tax Reform
For years, Governor Schwarzenegger has been calling for structural reforms in how California budgets and spends its money, and this year is no exception. In 2009, California's economic growth declined 2.8 percent, but our tax revenues were down more than 8 times that much – reinforcing the fact that our budget woes are self-inflicted wounds.

The Governor called on the legislature to work with him to fix California’s broken tax system and take up the bold reforms proposed by the bipartisan Commission on the 21st Century. Restructuring our tax system will help ensure California has a stable, reliable revenue stream to fund the state’s vital programs and services.

Click here for additional information on the Governor’s proposal

Pension Reform
In 1999, the legislature boosted lifetime pensions for government employees without setting aside enough money to pay for them. Now annual pension costs are up over 2,000 percent just in the last ten years and will keep on growing and crowding out other programs unless we take action. Every dollar needed to meet underfunded pension promises is a dollar taken from higher education, environmental protection, parks and recreation and other important programs. To protect programs and taxpayers, the Governor called on the legislature to make pension reform a priority this year and to pass legislation reducing pension burdens going forward.

Click here for additional information on the Governor’s proposal

Federal Funds
The Governor is committed to building a more fair and equitable financial relationship with the federal government. California must be reimbursed for overspending mandated by federal regulations and relieved of the costly burdens placed on our programs that restrict us from living within our means.
The Governor will fight for a permanent shift in the monetary relationship between California and the federal government.
Being a border state, California has a heavier financial burden when it comes to security, but the federal government is not sharing that burden fairly. The Governor will fight to restructure this inequitable funding arrangement.
While the Governor has always been a strong supporter of health care reform, the legislation currently being debated in Congress will pile billions of dollars in additional costs on California. The Governor followed up his December 22, 2009 letter to Speaker of the House Nancy Pelosi and members of the California Congressional Delegation by calling on them to either vote against the current legislation or fight for a more equitable deal for California.

Click here for additional information on the Governor’s proposal

Operation Welcome Home
California has more returning veterans than any other state and the Governor committed to making these brave men and women a priority. Operation Welcome Home will put 300 recent veterans to work identifying and making direct contact with the 30,000 heroes returning to California annually to counsel them about benefits and transitional workforce training available to help them enter the workforce and transition successfully from the battle front to the home front. Specifically, Operation Welcome Home:
Establishes nine regional full-time teams that will assist veterans in finding employment and job training, educational opportunities, housing, mental and physical health care, federal benefits and support for their families.
Launches the California Veteran Corps, a volunteer network to reinforce the efforts of the full-time regional teams.

Click here for additional information on the Governor’s proposal

Happy New Year - 2010

2009-12-31T14:42:00.000-08:00

Great quotes....

Youth is when you're allowed to stay up late on New Year's Eve. Middle age is when you're forced to. ~Bill Vaughn

An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves. ~Bill Vaughan

Many people look forward to the new year for a new start on old habits. ~Author Unknown

A New Year's resolution is something that goes in one year and out the other. ~Author Unknown

Be always at war with your vices, at peace with your neighbors, and let each new year find you a better man. ~Benjamin Franklin

No one ever regarded the First of January with indifference. It is that from which all date their time, and count upon what is left. It is the nativity of our common Adam. ~Charles Lamb

Never tell your resolution beforehand, or it's twice as onerous a duty. ~John Selden

Year's end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us. ~Hal Borland

The merry year is born
Like the bright berry from the naked thorn.
~Hartley Coleridge

Cheers to a new year and another chance for us to get it right. ~Oprah Winfrey

Enjoy the Festivities of the New Year and may you have a great 2010!

Jess Mangubat
Dilbeck Realtors - Pasadena
jessmangubat@yahoo.com
626.431.2266

SANTA IS COMING.....to our office Dec 2nd 5:30PM to 7:00PM

2009-12-02T16:48:00.000-08:00

Hi Everyone,

Well it true . . . Santa is on his way!

Santa is visiting our office and please feel free to come to the office for a FREE PICTURE! The time is from 5:30PM to 7:00PM
address is 132 E. Colorado Blvd, Pasadena CA 91105 - park between the office and Bally's fitness parking lot. Tell them you are there for Santa at the Dilbeck office!!

I know it's short notice, but it's never too late to get a free picture!

Call me if you have any questions.

Jess Mangubat
Dilbeck Realtors - Pasadena
626.431.2266
702.285.2779
jessmangubat@yahoo.com

Nelson Says Senate to Extend, Reduce Homebuyer Credit

2009-10-26T14:57:00.001-07:00

By Ryan J. Donmoyer and Dawn Kopecki

Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.

“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.

Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.

Lawmakers are under pressure from real estate agents, mortgage brokers and homebuilders to extend the $8,000 credit before it expires Nov. 30.

Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.

“Relative to current law, this is better. But it’s worse than people are expecting,” said Tom Gallagher, head of policy research in the Washington offices of International Strategy and Investment Group, an independent research firm. “This is a four-month extension and a nine-month phase-out.”

Alternative Proposal

The proposal was intended to counter one by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Senator Johnny Isakson, a Georgia Republican and former real estate agent, to extend the full $8,000 credit through next June and to expand it to all couples earning $300,000 or less. The Baucus-Reid proposal would continue limiting the benefit to first-time homebuyers, Lachapelle said.

The terms for extending the homebuyer tax credit are still being negotiated, Lachapelle said.

House Speaker Nancy Pelosi, a California Democrat, is waiting to see the final Senate agreement before deciding whether to support it. “Generally, we do support extending it,” Pelosi spokesman Nedeam Elshami said. “But it’s premature to say anything until we see what action the Senate takes.”

Business Tax Break

Baucus and Reid also proposed an extension of a business tax break that allows companies with losses in 2008 and 2009 to amend tax returns for any of the previous four years to get a refund of taxes paid. Without the benefit, companies would have to wait years to apply those losses against future profits.

A version of the benefit was included in last February’s economic stimulus bill, though it was limited to companies with receipts under $15 million. A lobbying effort by business groups, including the Washington-based National Association of Manufacturers, to extend the benefit to all companies failed at the time; the Obama administration has since proposed a broader benefit in its budget.

The Reid-Baucus proposal was drafted to have a neutral effect on budget deficits by delaying until 2017 a tax benefit that would let multinational corporations claim more interest deductions. The break, enacted in 2004, is currently slated to take effect in 2011.

Fraudulent Claims

The first-time homebuyer credit, while popular with lawmakers, came under scrutiny last week when government officials said millions of dollars in benefits were erroneously or fraudulently claimed.

The Internal Revenue Service has identified 73,799 claims totaling almost $504 million that may not be from first-time homebuyers. They also found that 582 taxpayers under 18 years old and ineligible to buy a home claimed almost $4 million in credits. Children as young as 4 years old received the credit, Treasury Inspector General for Tax Administration J. Russell George told a House panel.

Linda Stiff, the IRS’s deputy commissioner for enforcement, told the House Ways and Means Subcommittee on Oversight that her staff has identified 160 potential criminal cases and 115 are now under investigation. In total, 8,000 claims have been flagged for potential criminal fraud, she said. “We are and will continue to vigorously pursue those who filed fraudulent claims for the credit,” Stiff said.

More than 1.2 million borrowers through Oct. 9 have claimed almost $8.5 billion of the $13.6 billion set aside for “first- time” homebuyer tax credits this year, George said. The program is aimed at easing the worst housing slump since the Great Depression.

To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com

Last Updated: October 26, 2009 14:38 EDT

U.S. Senator Dianne Feinstein responding to your message

2009-10-26T09:51:00.000-07:00

Mon, October 26, 2009 9:39:34 AM
From:
"senator@feinstein.senate.gov"
To: jess.mangubat@dilbeck.com

Dear Mr. Mangubat:

Thank you for contacting me to express your support for expanding the first-time homebuyer tax credit. I appreciate the time you took to write and welcome the opportunity to respond.

In July 2008, the Housing and Economic Recovery Act of 2008 (Public Law 110-289) provided first-time homebuyers with a tax credit, equivalent to an interest-free loan, worth up to $7,500. The tax credit applied to homes purchased between April 9, 2009 and July 1, 2009. As the housing situation worsened in the fall of 2008, additional action was taken to prevent further declines in home values. Congress included in the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), a more robust first-time homebuyer tax credit. Specifically, the tax credit was increased to $8,000 for homes purchased in 2009 and will not have to be repaid.

I understand your belief that the first-time homebuyer tax credit should be increased and expanded further. As you know, on June 10, 2009, Senator Johnny Isakson (R-GA) introduced the "Home Buyer Tax Credit Act of 2009" (S. 1230), which would increase the credit to up to $15,000, remove income eligibility limits, and expand it to include homebuyers purchasing homes other than their first. S. 1230 has been referred to the Senate Finance Committee, of which I am not a member. Please know that I will keep your support for this legislation in mind should it come before the full Senate.

Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841.

Best regards.

Sincerely yours,
Dianne Feinstein
United States Senator

Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.

C.A.R. releases California Housing Market Forecast for 2010

2009-10-21T13:14:00.000-07:00

LOS ANGELES (Oct. 7) –“California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.”

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) "2010 California Housing Market Forecast" will be presented this afternoon during CALIFORNIA REALTOR® EXPO 2009 (www.realtorexpo.org), running from Oct. 6-8 at the San Jose Convention Center in San Jose, Calif. The trade show is expected to attract more than 7,000 attendees and is the largest state real estate trade show in the nation.

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

“Housing in California has become a tale of two markets,” Liptak said. “The low end continues to attract first-time buyers and investors, with a resulting shortage in the number of homes for sale. Sellers at the high end, however, continue to be challenged by the ability of home buyers to secure financing as well as their concerns about where prices are headed. While demand from first-time buyers for low-end properties will continue throughout next year, sales could be impacted if discretionary sellers do not return to the market by the second half of 2010.

“2009 marked a unique opportunity for first-time home buyers,” Liptak said. “Homes were more affordable than they have been in years, interest rates hovered near historic lows, and the federal tax credit helped more than 1 million people become homeowners nationwide. Now is the time for Congress to extend the federal tax credit and to expand it to all buyers, not just first-timers.”

“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R. and Vice President Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000.”

“Although it appears at this time that lenders are closely monitoring the flow of distressed properties onto the market, there could be an exertion of downward pressure on home prices should a heavier than expected wave of foreclosures come to market next year,” she said.

“The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government,” Appleton-Young said.

Don’t miss “The ‘New Normal’: What Recovery Means in 2010” at the San Jose Convention Center in San Jose, Calif. on Thursday, Oct. 8, from 2:30 p.m. to 4p.m. Panelists include Richard Green, director of the Lusk Center for Real Estate at the University of Southern California; Glenn E. Crellin, director of the Washington Center for Real Estate Research at Washington State University; and Jack Kyser, chief economist for the Los Angeles Economic Development Corporation. C.A.R. Vice President and Chief Economist Leslie Appleton-Young will serve as moderator.

for the 2010 Table forecast please click on link

http://www.car.org/newsstand/newsreleases/2010forecast/

The Current Real Estate Market in 3mins.....

2009-10-16T16:10:00.000-07:00

http://www.youtube.com/watch?v=SM7oWKgCVo4

This sums up what Realtors who represent buyers throughout the market are going through. It's funny, sad and the truth.

People understand it a little more after watching this

Mortgage Applications Rise as Rates Fall

2009-10-07T11:37:00.001-07:00

Daily Real Estate News | October 7, 2009 | Share

Mortgage applications increased last week as mortgage rates declined for the third straight week.

The Mortgage Bankers Association weekly index rose 16.4 percent on a seasonally adjusted basis compared to the previous week. And was up 38.4 percent compared to the same week last year.

The unadjusted purchase index increased 12.9 percent compared to the previous week and was 2.2 percent lower than it was a year ago.

The refinance index increased 18.2 percent and was at its highest level since mid-May.

Thirty- and 15-year mortgage rates were well below 5 percent:

30-year fixed-rate mortgages decreased to 4.89 percent from 4.94 percent.
15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent.
1-year ARMs increased to 6.56 percent from 6.40 percent.

Source: Mortgage Bankers Association (10/07/2009)

A Historic Time to Buy

2009-10-06T16:57:00.001-07:00

Daily Real Estate News | October 6, 2009 |

Young people just starting to invest and buying their first homes are potentially the winners in this recession.

First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

Source: The Associated Press, Chip Cutter (10/05/2009)

Be a Neighborhood Crime Fighter

2009-10-06T16:35:00.000-07:00

You don’t have to wear a badge to join the Pasadena Police Department in fighting crime!

Protect Your Home.
During warmer weather, many residents leave their windows and doors open to catch a breeze. That’s an open invitation to thieves! Always lock up when you’re not home; when you are home, consider using wooden dowels or window stops to leave a narrow opening big enough for ventilation but too small for a person.
Always use your peephole or a window before responding to a knock at the door. Leave the porch light on at night. Never open the door to a stranger. If you’re uncomfortable with the person outside, call the police and give a description.

Get Involved in Neighborhood Watch.
By starting your own group and working with local police, you can get to know your neighbors, learn how to recognize suspicious activities and become more assertive about reporting crimes. To find or start a Neighborhood Watch group in your area, call 744-4551.

Get your children involved!
The Pasadena Police Department is enrolling elementary school students ages 6 to 12 (and their parents) for the third annual Kids’ Safety Academy every Saturday from Oct. 3 to Nov. 14 from 9 a.m. to noon. Classes will cover stranger danger, fire safety, disaster preparedness, environmental stewardship, water skills, bike safety and much more. Reserve a seat by calling 744-7659 or e-mailing aramos@cityofpasadena.net.

The Pasadena Police Explorer Program invites teens and young adults ages 14 to 20 to explore careers in law enforcement. After an 18-week Saturday academy, recruits meet every second and fourth Wednesday at 6 p.m. plus participate in local competitions, march at ceremonies, volunteer at city events and enjoy field trips to local attractions. E-mail gthompson@cityofpasadena.net or call 744-7653 for details.

from the Pasadena In Focus,Pasadena In Focus - September - October 2009

Seeking Real Estate Bargains? Try Looking at the High End

2009-10-02T12:04:00.000-07:00

Falling real estate prices are becoming as much a feature of high-end neighborhoods as ocean views, infinity pools and four-car garages.
While the latest data suggests prices for mainstream homes may be stabilizing after several years of pain, the news for luxury homes isn't looking as good.
That's bad news for sellers, naturally, but anyone in the market for a home listed for $2 million or more will find deeply discounted asking prices—and may be able to command even lower prices.
On Tuesday, data from the Federal Housing Finance Agency showed that average home prices ticked up 0.3% nationwide between June and July, including a 1.6% bounce on the west coast. The gains are modest, and they are partly influenced by the season—higher-end homes tend to sell better in late spring and early summer, as families try to move before the school year. Analysts are disappointed the rise was not higher.
Nonetheless, prices have now risen three months in a row. And compared with the disastrous events of the past few years, anything other than Armageddon is apt to raise spirits.
But these numbers only relate to homes purchased with conforming loans backed by the FHFA—in most areas, that describes mortgages of up to $417,000, or up to $713,000 in the country's most expensive regions.
View Full ImageBloomberg News
A stone patio surrounds the pool outside a spec home at 38 French Road in Greenwich, Conn. The city is seeing the worst home-sales market—and deepest discounts—in decades.

That overlooks luxury and high-end homes, where the outlook remains bleak.
"I would say we're 40% off 2007 prices for everything," says broker Chad Rogers, who covers the area from Malibu to Hollywood Hills for Hilton & Hyland, a Beverly Hills real-estate firm. "We're now seeing prices consistent with where we were back in 2003."
"The $10 million to $30 million properties are on the market for a very long time," says Cathy Wood, a real estate broker covering Beverly Hills and surrounding areas for realty firm Gibson International. "They're seeing a lot of price reductions."
Realtors, she says, "are now selling $500,000 condos, when they used to sell $5 million homes."
Across the country in hedge-fund haven Greenwich, Conn., local broker Eric Bjork at Prudential Real Estate finds a similar effect. "There's a new level of value being set," he says. "The $8 million [homes] are selling for $6 million, and the $10 millions are selling for $8 million. When you do the math, it looks like an adjustment of 20% to 30%."
You'll find similar anecdotal data in several high-end markets. But real estate Web site Trulia.com, which tracks listing prices on multiple listing services across the country, took a look at what's happening to listing prices for homes over the $2 million mark.
Such homes only account for about 2% of the properties listed on the site, but represent 25% of the total price reductions by value. Overall, sellers listing homes for more than $2 million have dropped their asking prices by a total of $7 billion, with an average price reduction of 14%. The average for all properties tracked by Trulia is only 10%.
Data for individual Zip codes is intriguing, whether you're in the market or you just like to rubberneck. According to Trulia data, 28% of the homes currently for sale in Beverly Hills (Zip code 90210) have dropped their price, with an average discount of 11%. In Aspen, Colo., (81611), 39% of the homes have cut their price, by an average of 16%.
On New York's Upper East Side (10065), no less than 40% of the homes have slashed prices—and by an average of 18%. In California, some of the most exclusive areas in Newport Beach, Big Sur and Monterey have seen a third of the sellers reduct prices, by an average of about 15%. Malibu? More than half have cut prices.
Chip Case, economics professor at Wellesley College and one half of the Case-Shiller index duo, says that some of these markets may be finally catching up to the wider housing market crash. "That level was more in the hold-out category," Mr. Case says. "Up until recently the foreclosures weren't hitting that level .But they are now. There's no question about that. You're seeing some contagion from the prime level to the luxury end."
Bottom line: At the high end, it's a good time to be shopping for that dream home.
During—and after—a bubble, investors often hope that "quality assets" will hold value. It's usually a vain hope. Just ask people who owned luxury condos in Tokyo after 1990, or investors in Cisco Systems (CSCO) after the tech-stock bubble popped. Real estate is not that different.
Sooner or later, even rich homeowners need to sell. They get divorced. Their company collapses. They relocate or retire. And, when they get tired of waiting, they cut their price. Factoring in taxes, upkeep and the opportunity cost of keeping money in a non-performing asset, an empty luxury home may be costing owners a lot just by sitting there. That gives them a powerful incentive to make a deal.

Identity Theft Scam

2009-09-23T12:19:00.000-07:00

Possible Attempted Identity Theft Scam
Case No. 09-0797

On Monday, September 21, 2009, a realtor called the police department after checking a vacant house on Orange Grove Avenue with a for sale sign in the front yard. The realtor found a note posted on the front door addressed to UPS and Fed Ex, telling them to leave the packages on the porch for the Nelson family, who was in the process of moving in.

Suspects also placed items (i.e.: tennis shoes next to the front door, a welcome mat at the front door, a child’s bike helmet in a flower bed near the front door) throughout the exterior of the home to make it appear that someone may be living at the home. The realtor said that she has never heard of the Nelson family and the house has not been sold or leased.

This fits the method of identity thieves who arrange for delivery of goods obtained through fraudulent means.

If you see anything similar in your neighborhood, please immediately telephone the police department.

Hasmick Hartunian
Desk Officer # 132
Sierra Madre Police Dept
hhartunian@cityofsierramadre.com
626-355-1414 Main #
626-355-5468 Fax #

Extend the Housing Tax Credit....

2009-09-16T11:47:00.001-07:00

Economists: Extend the Housing Tax Credit More than 40 percent of all home buyers in 2009 will qualify for the federal tax credit, costing the government about $15 billion, twice the original estimate, but most housing experts applaud the policy and favor expanding it.Now the decision is up to Congress.Mark Zandi, chief economist for Moody’s Economy.com, believes that the credit should be expanded to all homebuyers, even investors, through summer of 2010. “The risks of not doing something like this are too great,” he said. “I don’t think the coast is clear.”James Glassman of JPMorgan Chase also favors expanding the credit but continuing to limit it to first-time buyers.Industry members who are lobbying for the extension are optimistic and say they believe an extension will be approved in some form. “There will be a lot of water under the bridge, a lot of compromise, between now” and a final bill, said Richard A. Smith, chairman of the Business Roundtable’s Housing Working Group.Source: The New York Times, David Streitfeld (09/15/2009)

Message to Buyers: You Can Probably Afford It

2009-08-20T11:33:00.000-07:00

Housing is remarkably affordable these days.

A family earning the nation’s median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo.

Sellers are the ones who are paying the price. More than 30 percent of all homes sold during the second quarter sold for less than the sellers paid originally, according to Zillow.com.

A significant percentage of owners who bought within the past five years and sold during the quarter lost money on the deal, according to Stan Humphries, Zillow's vice president in charge of data and analytics.

[Editor's note: Although discussion of trends on a national level can be useful, conditions in a local market can be vastly different from what's happening statistically on a national level. For that reason, conditions for owners who've bought in the last five years might or might not resemble what analysts are seeing statistically on a national basis.]

Source: CNNMoney.com (08/19/2009)

Second Quarter Existing-Home Sales Rise

2009-08-12T17:14:00.000-07:00

Second Quarter Existing-Home Sales Rise
WASHINGTON – Existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states, and price declines have increased affordability in most metro areas, according to the latest survey by the National Association of REALTORS®.

Total state existing-home sales, including single-family and condo properties, rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008.

Thirty-nine states experienced sales increases from the first quarter, and nine states were higher than a year ago; the District of Columbia showed both quarterly and annual rises.

Gain Appears to Be Sustainable
“With low interest rates, lower home prices, and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” said Lawrence Yun, NAR chief economist. “There have been sustained sales gains in Arizona, Nevada, and Florida, as well as diverse areas such as Maryland, the District of Columbia, and Nebraska. More recently, we’ve seen strong double-digit gains in Idaho, Utah, New Mexico, Washington, Hawaii, New York, New Jersey, Maine, Vermont, Wisconsin, Indiana, South Dakota, and Montana.”

Yun also explained housing’s impact on the overall economy. “Given the need for related goods and services, each home sale pumps an additional $63,000 into the economy – that’s how the housing engine traditionally pulls us out of recession. In addition, sales are drawing down inventory and that will help stabilize home values, which in turn will lessen foreclosure pressure and boost credit availability for other sectors of the economy.”

Distressed Sales
During the second quarter, 129 out of 155 metropolitan statistical areas reported lower median existing single-family home prices in comparison with the second quarter of 2008, while 26 areas had price gains.

Distressed sales – foreclosures and short sales – accounted for 36 percent of transactions in the second quarter, which continued to weigh down median home prices because they typically are sold at a 15 to 20 percent discount; first-time buyers accounted for one-third of transactions. The national median existing single-family price was $174,100, which is 15.6 percent below the second quarter of 2008.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage declined to a record low 5.03 percent in the second quarter from 5.06 percent in the first quarter; the rate was 6.09 percent in the second quarter of 2008.

NAR President Charles McMillan said there are unique opportunities in the current market. “Housing affordability is hovering near record highs and there’s a wide selection of homes, but first-time buyers need to move quickly to take advantage of the $8,000 tax credit because they have to finalize the transaction by November 30,” he said. “Various state, local, and nonprofit programs target first-time buyers, and a REALTOR® can help you identify the programs and financing options that are currently available in your area.”

The largest sales gain between the first and second quarters were in:

Idaho, up 67.5 percent
Hawaii, up 24.2 percent
New York, up 22.3 percent
Wisconsin, up 21.7 percent
Nebraska, up 20.3 percent

Twelve other states experienced double-digit sales increases from the first quarter. Year over year, California, Minnesota, and Michigan are showing double-digit gains from the second quarter of 2008 but are off from the first quarter of this year.

The largest single-family home price increase in the second quarter was in the Davenport-Moline-Rock Island area of Iowa and Illinois, where the median price of $113,200 rose 30.6 percent from a year ago. Next was the Cumberland area of Maryland and West Virginia at $123,500, up 21.7 percent from the second quarter of 2008, followed by Elmira, N.Y., where the median price increased 11.3 percent to $85,000.

Price Gains and Declines
“The sharpest price declines continue to be concentrated in metros with high levels of foreclosures, including areas in California, Florida, Arizona, and Nevada, where distressed homes comprise many of the transactions,” Yun said.

Median second-quarter metro area single-family home prices ranged from a very affordable $55,700 in the Saginaw-Saginaw Township North area of Michigan to $569,500 in Honolulu. The second most expensive area in the second quarter was the San Jose-Sunnyvale-Santa Clara area of California, at $500,000, followed by San Francisco-Oakland-Fremont at $472,900.

Other affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $71,500, and Lansing-East Lansing, Mich., at $81,200.

“Recently sold homes are concentrated in lower price ranges. The median price may not be representative of overall values in a given area because many middle-priced homes are not on the market,” Yun clarified.

Condo Market
In the condo sector, metro-area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $176,900 in the second quarter, down 19.8 percent from the second quarter of 2008. Four metros showed annual increases in the median condo price and 53 areas had declines.

The metros with condo price increases were:

Virginia Beach, Va.
Wichita, Kan.
Dallas
Colorado Springs, Colo.

Metro-area median existing-condo prices in the second quarter ranged from $66,400 in Las Vegas-Paradise, Nev., to $405,700 in San Francisco-Oakland-Fremont. The second most expensive reported condo market was Honolulu at $318,400, followed by Boston-Cambridge-Quincy at $277,400.

Other affordable condo markets include the Sacramento-Arden-Arcade-Roseville area of California at $101,200 in the second quarter, and Tucson, Ariz., at $102,500.

Northeast
Regionally, existing-home sales in the Northeast jumped 15.0 percent in the second quarter to a pace of 797,000 units but are 8.4 percent below a year ago.

The median existing single-family home price in the Northeast declined 9.7 percent to $246,000 in the second quarter from the same quarter in 2008. After Elmira, N.Y., the best gain in the region was in Buffalo-Niagara Falls, N.Y., where the median price of $115,400 rose 6.7 percent from the second quarter of 2008, followed by Syracuse, N.Y., at $124,600, up 0.8 percent.

Midwest
In the Midwest, existing-home sales rose 3.2 percent in the second quarter to a pace of 1.06 million but are 5.3 percent below a year ago.

The median existing single-family home price in the Midwest was down 8.6 percent to $146,800 in the second quarter from the same period in 2008. After Davenport-Moline-Rock Island, the next strongest metro price increase in the region was in Bismarck, N.D., where the median price of $157,800 was 3.5 percent higher than a year ago, followed by Springfield, Ill., at $116,200, also up 3.5 percent, and Topeka, Kan., at $113,300, up 2.7 percent.

South
In the South, existing-home sales increased 3.9 percent in the second quarter to an annual rate of 1.76 million but are 7.2 percent lower than the second quarter of 2008.

The median existing single-family home price in the South was $158,600 in the second quarter, down 10.3 percent from a year earlier. After the Cumberland region of Maryland and West Virginia, the strongest price increase in the region was in Beaumont-Port Arthur, Texas, with an 11.0 percent gain to $138,600, followed by, Jackson, Miss., at $140,100, up 8.2 percent, and Shreveport-Bossier City, La., at $146,800, up 3.0 percent.

West
Existing-home sales in the West declined 2.3 percent in the second quarter to an annual rate of 1.13 million but are 11.8 percent above a year ago.

The median existing single-family home price in the West was $212,600 in the second quarter, which is 26.6 percent below the second quarter of 2008. The best metro price performances in the West were in Kennewick-Richland-Pasco area of Washington, where the median price of $163,900 rose 0.3 percent from a year earlier, and Yakima, Wash., at $162,800, also up 0.3 percent. No other areas covered in the region reported increases

When Will the Housing Market Rebound?

2009-07-25T17:28:00.001-07:00

Daily Real Estate News | July 24, 2009

When will the housing slump finally end? Even the experts' crystal balls are hazy.

The Wall Street Journal, which Thursday reported its latest quarterly survey of housing data, says it depends on which city or part of the country you’re talking about.

Home sales were up compared to last year in Washington, D.C., and Northern Virginia, Orlando, Minneapolis, Southern California, and the San Francisco Bay area, according to findings from research firm MDA DataQuick as well as reports from local real estate practitioner organizations.

Sales declined in New York City and nearby Long Island, Chicago, and Charlotte, N.C., and the outlook was particularly bleak in Miami-Fort Lauderdale and much of Florida, Detroit, and Las Vegas.

But Jody Kahn, an analyst at John Burns Real Estate Consulting, a research organization, points out that there are variations even in the hardest-hit metro areas with the most attractive neighborhoods continuing to thrive.

Employment is the most telling factor, says Mark Zandi, chief economist at Moody's Economy.com. "If people don't have jobs or fear losing their jobs, then buying homes is out of the question," he says.

Source: The Wall Street Journal, James R. Hagerty (07/23/2009)

Experts Say Now is the Time to Buy

2009-07-21T23:55:00.000-07:00

http://www.lowryrealestategroup.com/wp-content/uploads/2008/09/buying_a_house.jpg

Experts Say Now is the Time to Buy

Many investment experts advise it's time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say.

How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number.

One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys.

Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no.

"You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."

Source: Forbes (08/03/2009)

Home Lending Rates Falling Again

2009-07-17T11:04:00.000-07:00

Daily Real Estate News | July 17, 2009

Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.

Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.

Here’s a look at how other mortgage rates performed this week:

15-year fixed loans fell to 4.63 percent from 4.69 percent.
One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.

Source: Grand Junction Free Press, Wyatt Haupt Jr. (07/17/09)

5 Tips for Buyers in Negotiating a Mortgage Deal

2009-07-11T16:29:00.000-07:00

Daily Real Estate News | July 7, 2009 |

Getting a mortgage loan these days can be a slow and frustrating experience.

Here are some things that buyers should know as they go through the application process:

1. Ask for the “Good Faith Estimate” early. It won’t be released until it is officially “complete” and all the questions are answered. Push applicants to find answers right away to all the lender’s questions.

2. Suggest they read and ask questions about the fine print. Identifying and negotiating all the fees and charges can cut an applicant’s costs.

3. Shop title insurance. Point buyers toward Web sites like Closing.com, where they can comparison shop.

4. Get a commitment. Insist that the lender or loan broker agree that there won’t be any other charges on the HUD-1, which most borrowers don’t see until they are at the settlement table. "If [the lender] won't agree to that, you have to be a little suspicious," says Claire Fennessey, senior vice president of Entitle Direct.

5. Question flood insurance. If a property requires flood insurance, point buyers (and sellers) toward a civil engineering firm with experience with the Federal Emergency Management Agency’s resources to ensure that they aren’t paying too much. Eligibility for a preferred risk policy can cut costs substantially.

10 Ways to Prepare for Homeownership

2009-07-08T15:39:00.000-07:00

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.(JESS MANGUBAT 626.431.2266 email jess.mangubat@dilbeck.com)

Jumbos Getting Easier to Find, Negotiate

2009-07-07T00:15:00.000-07:00

Daily Real Estate News | July 6, 2009 |
Jumbos Getting Easier to Find, Negotiate
It’s still difficult for buyers to get jumbo mortgages, but it appears to be easier than it was six months ago.

Bank of America, Wells Fargo, and JPMorgan Chase & Co. are cutting rates somewhat, buying jumbo loans made by other lenders and purchasing them from brokers. One factor is that jumbo loans are not subject to new appraisal rules that are slowing much of the lending market.

"The whole jumbo market has improved in the last 90 days," says Terry Erwin, chief lending officer for KeyPoint Credit Union, a jumbo lender founded in 1979 to serve electronics industry workers in California's Silicon Valley.

Erwin says the most frequently selected loans at his company are 5/1 hybrid ARMs, which carry a fixed rate for five years before converting to a loan that adjusts annually.

Source: Inman News, Matt Carter (07/06/2009)

Home Buyer Tax Credit Could Expand

2009-06-28T13:39:00.000-07:00

Daily Real Estate News | June 22, 2009 |

Home Buyer Tax Credit Could Expand

A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it.

A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:

Setting a new cap of $15,000.
Extending the tax break into mid-2010.
Making the benefit available to all home buyers, not just first-timers.
Offering a separate tax credit to $3,000 for borrowers who refinance.

USA Today, Stephanie Armour (06/22/09

Will 'Echo Boomers' Save the Housing Market?

2009-06-24T17:53:00.000-07:00

Echo boomers, the children of baby boomers, will be the salvation of the housing market, Harvard University's Joint Center for Housing Studies predicts.

In its annual state of the nation’s housing study, the center says that the 75 million Americans born between 1979 and 1995 will mean plenty of demand for housing units.

"There will be 5 million more echo boomers than there were boomers when they first started swelling housing markets," says Eric Belsky, executive director of the Joint Center.

Belsky predicts that once the job market turns around, the housing market will recovery quickly because inventories are close in balance between supply and demand.

But the study warns that while echo boomers will increase demand significantly, they may not drive up prices much because their real incomes are lower than those earned by people a decade older when they entered the job market.

"While fundamentally we see what could be the foundation for long-term recovery, we still have to get through today's challenges," says Nicolas Retsinas, director of the Harvard center.

Sources: CNNMoney.com, Les Christie, and Reuters, Lynn Adler (06/22/2009)

C.A.R. H.A.F. Mortgage Protection Program

2009-06-23T12:20:00.000-07:00

On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.

· To qualify for the Mortgage Protection Program,
Applicants must:

.· Be a first-time home buyer – someone who has not owned
a home in the last three years.

· Open escrow April 2, 2009, or later, and close on or before
Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

For a copy of the MPP Application Click here

This form must be submitted by an active California
REALTOR® to apply

For examples on How The Program Works Click Here

For a list of Frequently Asked Questions Click here

7 Reasons to Own Your Home

2009-06-21T10:05:00.000-07:00

7 Reasons to Own Your Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

“Foreclosure Moratorium” explained

2009-06-18T01:04:00.000-07:00

"Foreclosure Moratorium” explained

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a “90-day moratorium” and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs as defined by the Act.

Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact. For more information on the new law, go to C.A.R.’s legal article “Housing Stimulus Laws for 2009” athttp://www.car.org/legal/2009-qa/housing-stimulus-laws-2009/

Work Smart: Helping Buyers Through Tough Terrain

2009-06-16T07:27:00.000-07:00

In the new financing landscape, buyers need more support from you. Get a crash course in financing to learn how you can ensure buyers can come up with the money to buy the home they've chosen.

By G.M. Filisko

Augu

As credit standards tighten and financial markets struggle to find the bottom, home buyers’ ability to get an affordable mortgage has never been a more critical component in the real estate transaction.

The easy mortgage money is long gone. Today, most lenders require at least 10 percent to 15 percent down for conventional loans, along with a good credit record and proof of the buyer’s income before making a loan. The challenge is especially great for first-time buyers who don’t have the equity cushion of long-time owners.

Many sales associates rely heavily on mortgage specialists to handle financing from start to finish, but David Fialk, CRB®, CRS®, broker-owner of Choice Realty Co. in Iselin, N.J., advocates that you do more—for both the buyers’ benefit and your own. “I go through a half-hour review session with all the buyers I meet for the first time,” he explains.

After a preliminary information exchange, Fialk gets frank with the buyers. “Depending upon their price range and down payment, I calculate their monthly mortgage payment based on the average interest rate in our area and ask if they’re comfortable with that big a payment each month,” he says. “Then I ask their income to make sure it warrants a payment like the one we’ve just discussed. I also make sure they contact a mortgage rep so that I get a preapproval letter in hand.”

Let’s face it, unless your buyer clients can get financing, you waste your time and theirs in helping them find the perfect home. As a listing salesperson, you lose valuable selling time on the market while a buyer negotiates with a lender, only to have the loan fall through.

What should you do to ensure that buyers can come up with the money to buy the home they’ve chosen? We’re here to help with a crash course in financing. We’ve also provided some mortgage calculation pointers to assist you in helping the borrower understand the costs of mortgages and homeownership.

• 4 Steps to Smooth Financing

• Low-Cost Ways to Rescue A Deal

• Quick Tips Clients Will Appreciate

• Mortgage Math Made Easy

4 Steps to Smooth Financing

Step 1: Know the (Credit) Score

While a frank discussion like the one Fialk describes is essential in selecting a price range for homes to show, it’s a lot harder these days to estimate how large a mortgage loan buyers will be able to secure. For decades, real estate salespeople have relied on a few handy rules—like pegging home price to three times a buyer’s annual income—to determine an appropriate price range.

Another rule used to be 28/36—your mortgage payment could be up to 28 percent of your gross monthly income, and your total debt couldn’t be more than 36 percent of your gross monthly income.

Unfortunately, “it isn’t quite as black and white as it used to be,” says Mark Steele, president of Howard Hanna Mortgage Services in Pittsburgh. “One big factor that’s changed mortgage lending is the widespread use of automated underwriting software, which is required for lenders to be able to sell loans on the secondary mortgage market. This software takes certain things into account, like credit scores, that weren’t considered before.”

“Everything now is more credit score–driven,” agrees Ron McGuire, president of Tucker Mortgage LLC in Indianapolis. Credit scores, sometimes called FICO scores after Fair Isaac Corp., which developed the most widely use scoring system, rate buyers’ creditworthiness.

Another system called VantageScore was launched in 2006 by the three major credit rating agencies. How high a credit score is will directly affect how much someone will be able to borrow and at what interest rate.

Factors that can bring down buyers’ credit score include using most of their available credit by maxing out their credit cards and applying for credit at many places within a short time period. And though it might sound counterintuitive, having few lines of credit with low use also can have a negative effect on credit scores because such behavior leaves lenders with little information from which to judge the buyers’ ability to repay debt.

FICO scores range from 300 to 850. VantageScore ranges from 501 to 990. “Any [FICO score] above 720 is considered good,” says McGuire. “Once you get below there, you have a price adjustment like a higher interest rate or points.”

“Roughly 50 percent of consumers have a FICO score of 700 or above,” says Brad Blackwell, executive vice president and national retail sales manager for Wells Fargo Home Mortgage in San Francisco. “Any number of factors determine a credit score, the biggest being the amount of credit you’ve used and your record of paying that credit back on time.”

If buyers’ credit scores are low, offer tips for raising them. “The best way for buyers to improve their credit score is to pay their bills on time, even if they can afford only the minimum payment,” says Blackwell. “If they can afford more, they should pay down their debt, which will improve their score.”

Another common problem: “People don’t think they need to pay back their student loans,” says Steele. “If you don’t pay back your student loans, you can’t get a mortgage loan. It’s that simple.”

Step 2: Get Out in Front of Underwriting

Now that the entire mortgage landscape has changed, the most foolproof way to ensure buyers can borrow the money for the home they want is to encourage them to get prequalified before they start looking. Or is it preapproved? If you’re not sure of the difference, you’re not alone.

“Typically when lenders prequalify, they ask buyers their income, how good their credit is, and, based on the information they verbally receive, they calculate how much of a loan the buyers qualify for,” explains Blackwell. “The loan officer will write a letter to the buyers saying, ‘By my estimation, this is how much you qualify for.’”

Unfortunately, that estimate is only as good as the information the lender’s been told. Even if buyers are above board, they may not be aware of a problem in their credit report that prevents them from getting the loan amount or interest rate necessary to purchase the home you’ve helped them find.

“A preapproval is a more powerful tool for understanding how much buyers can qualify for and for showing to prospective sellers so that they know they have qualified buyers,” adds Blackwell. “With a preapproval, lenders will pull a credit report, at times verify income, and based on the information, essentially preunderwrite the loan to determine the buyers’ qualifications. They won’t give a final approval, but a preapproval is much stronger than a prequalification.”

During the actual loan underwriting process, lenders comb through buyers’ finances to evaluate the risk of making the loan. In addition to the credit score and debt repayment, lenders also look at income and other assets.

“Lenders like to see two years of employment history,” explains McGuire. But that doesn’t necessarily mean at the same job. “We look more at the buyers’ time in the line of work to be comfortable they’ll be able to earn that income in the future,” says Blackwell. “If they’ve been in a job only one year but show a track record of being in that line of work, generally we’ll be comfortable with that.”

The days of stated income loans—for which buyers simply told lenders their income without lenders’ verifying the amount—are over. “If buyers are self-employed, we’ll review at least two years of their tax returns, which we’ll average to get an income figure. Buyers can also use other income sources to qualify for a loan as long as it’s substantiated for two years,” says Blackwell.

Liquid assets such as savings accounts and stocks also factor into loan underwriting. “Underwriters like reserves, usually of two to three payments of principal, interest, taxes, and insurance,” says McGuire. “If it’s a borderline file and the buyers have reserves, the loan will get approved. If they don’t, more than likely they’ll be rejected.” Negotiating with sellers to have them pay buyers’ closing costs is one way for buyers to have reserves, he suggests.

Step 3: Understand the Lingo

Although many sales associates rely on lenders to guide buyers through their loan options, understanding the nuts and bolts of today’s new lending world helps you help buyers.

Factors that could influence the buyers’ loan terms are the loan amount itself, the length of the loan, and the loan-to-value ratio (how much of the total value of the home is being financed). Lenders typically price loans based on risk, explains Blackwell.

For example, large loans might have higher interest rates both because more money is at risk and because of liquidity issues in the marketplace. Also, making a 5 percent down payment might mean a higher interest rate than putting 20 percent down, again because more money is at stake relative to the value of the home.

“If buyers are considering an adjustable rate mortgage, be certain they understand what their monthly payment may look like at the first adjustment period,” says Bob Dorsa, president of the American Credit Union Mortgage Association in Las Vegas.

Although many people are shying away from ARMs today, equating them with subprime problems, that may be too conservative a position. “Look at buyers’ situation any time you’re talking about an adjustable rate,” says Steele. “There are safe adjustable rates that don’t adjust every month. Most 5/1 ARMs offer a fixed rate for five years and then adjust every year. That may be good if this is the buyers’ first house and they plan to stay for less than five years and don’t base their decision solely on their ability to sell them. That can save them a quarter, a half, or three quarters of a point on their interest rate.”

Buyers also need to understand how a 30-year or a 15-year fixed rate loan term affects payment amounts and total loan interest costs. Today, the interest rate difference between the two has shrunk because there isn’t as much demand for a 15-year mortgage as in the past. But buyers will still build equity faster with a 15-year mortgage and pay a lower interest rate than with a 30-year loan.

Also, advise buyers to ask about points, which are upfront fees based on a percentage of the loan amount. A lender charges points to originate the loan and as an offset for lower interest rates. One point equals one percent of the loan amount.

“Buyers can pay points if they want a lower interest rate,” says Blackwell. “They should calculate how long they’ll be in the house and determine whether it’s worth it to pay points to get a lower interest rate.”

Step 4: Know Where the Reliable Money Is

If you’ve recently had transactions fall through because lenders quietly faded away without notice or wouldn’t make a commitment weeks after the loan application was filed, you know how important having a list of reliable lenders can be.

Make sure buyers know how to pick a lender who’ll be at the closing table as planned. “Even if buyers tell me they’re already working with a lender, I provide them with a printed list of four lenders we know from previous transactions whose support staff is just as good as the mortgage representative and whose products are competitive,” says Fialk.

Tighter loan availability may also present opportunities for brokerages that operate their own mortgage operations. Just don’t forget to disclose any relationship you have right up front.

“Buyers should ask to see a lender’s financial statement,” advises Dorsa. “If there’s any hesitation in providing the information, it might be a red flag.” McGuire also suggests checking with state attorneys general and the Better Business Bureau to see if any complaints have been filed against a lender.

Experts say the best sources of financing today are through established financial institutions, like banks and credit unions, which offer both conventional and government-insured loans such as Federal Housing Administration loans and Veterans Administration loans. “No down payment loans are pretty much gone, but there are loans you get with 3 percent down, most notably FHA loans,” says Blackwell.

“In our market, the FHA hadn’t been invoked in years,” says Steele, “and it now represents 40 percent of what we’re doing.” That increase can likely be credited to the program’s higher loan limits, for which NAR lobbied extensively.

In most counties, the FHA is only permitted to insure loans that don’t exceed 125 percent of the median home price. In designated high-cost areas, the loans can go up as high as $729,750 which is 175 percent of the $417,000 permanent conforming loan limit for Fannie Mae and Freddie Mac. This high cost limit is in effect only for 2008, but NAR is working to make it permanent.

When the Department of Housing and Urban Development released its latest median home prices in March, the number of homes that could qualify for FHA loans grew. Keeping up-to-date on FHA changes and other mortage developments is critical to building trust with clients. That trust and openness about buyers’ financial picture, Fialk says, will enable you to close transactions in today’s tight financing market.

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Low-Cost Financing Sources That Can Rescue A Deal

You’re working with wonderful buyers, but they’re just shy of meeting all the financial requirements to purchase a home. Here are sources and strategies that may help.

Consider seller financing. The use of seller financing—in which the seller agrees to take a promissory note from the buyers for the purchase of the sellers’ home—has dropped because fewer sellers can finance the sale of their current home and buy another, says Mark Steele, president of Howard Hanna Mortgage Services in Pittsburgh. However, if buyers are creditworthy, it doesn’t hurt to ask whether sellers have the means to swing a seller-financed transaction.

Suggest leasing with an option to buy. A lease-option agreement allows buyers to rent a home with the promise of a sale at a certain price while they gather a down payment. Often the sellers agree to apply a portion of the monthly rent toward the down payment. If a seller’s home is languishing on the market, this might be a good way to secure an eventual sale and help a buyer.

Keep an eye on credit unions. Credit unions are often a well-kept secret, but they can be an economical source of financing. “Credit unions can afford to make loans at below-market rates because they get a better yielding investment than they can get from U.S. Treasury bonds,” says Bob Dorsa, president of the American Credit Union Mortgage Association in Las Vegas. Most credit unions service their own loans and occasionally even run “specials” on loans, says Dorsa. For a free, eight-minute DVD explaining why Realtors® should be confident referring buyers to credit unions, go to the association’s Web site at www.acuma.org.

Turn to IRAs. Remind buyers to investigate whether borrowing from their Individual Retirement Accounts can help generate cash for a down payment. “Borrowing isn’t a bad way to come up with a down payment if the retirement plan permits buyers to do that and they can repay the loan,” says Steele. IRS rules also permit you to withdraw up to $10,000 penalty free once in a lifetime to purchase a home. However, you must be either a first-time buyer or someone who has not purchased a home in at least two years. Otherwise IRA withdrawals for home purchases are subject to a 10 percent penalty. And while buyers won’t pay a penalty if they meet the withdrawal requirements, the amount withdrawn or borrowed will be taxed as income.

Tap family members. Many loan programs allow buyers to use gifts from family members for a down payment or closing costs. “It’s an excellent way to get a down payment,” says Steele, who notes that some programs such as the FHA place restrictions on how much can be given and how the funds can be transferred.

Know all the programs available. In addition to FHA financing, HUD offers the Homeownership Voucher Program, which helps first-time buyers with mortgage and other homeownership expenses. Many states have local housing authorities that help buyers purchase with low down payments.

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Quick Tips Your Clients Will Appreciate

1. Score a free report. By law, every individual is entitled to one free credit report a year. If you don’t feel comfortable asking buyers their credit score or if they decline to share it with you, at least suggest they check their own score at one of the three major credit rating agencies—Experian, Equifax, or TransUnion. Even if their score looks good, suggest buyers check for errors that might affect the rating.

2. Consider lock-in benefits. Most lenders will allow buyers to lock in their interest rate once they’re approved for a loan. That’s usually a wise move. “The only times buyers may not want to lock in their rate is if they aren’t going to close for several months or they think interest rates will go down,” says mortgage executive Ron McGuire of Indianapolis.

3. Factor in the premium. “If borrowers have less than a 20 percent down payment, remind them to factor in private mortgage insurance, which might add up to another half-point to their interest rate,” says Dorsa. “Some lenders will increase the rate by one-half of a percentage point to pay the premium, while others will pass the premium on to the borrower with the hope that at some point, through appreciation, the loan-to-value ratio will drop below 80 percent and the PMI will be removed.”

4. Look for backups, guarantees. Suggest that buyers investigate backup financing sources, and ask whether lenders will guarantee funding. Wells Fargo, for one, offers a guarantee that it will close by the date specified in the contract or pay the buyers’ first month’s mortgage. At Howard Hanna Real Estate in Pittsburgh, “if a sales associate gets in a problem with another lender, we’ll step in and close a deal in one day where that’s required,” says Mark Steele, who heads the company’s mortgage services division.

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Mortgage Math Made Easy

The Internet is full of mortgage calculators, making it easy for buyers to determine how large a mortgage they can afford and what their monthly payments at different loan amount will be. (Sites with good mortgage calculators include Bank of America, Homefair, and Wachovia. Be sure that the payment amounts include taxes and insurance as well as loan principal and interest.)

If buyers haven’t done these estimates online, you can also suggest using some standard rules of thumb to estimate how much of a home they can afford.

• Monthly mortgage payments (including property taxes and insurance) should not exceed one-third of monthly gross income. The ideal range is between 28 percent and 33 percent of gross month income

• Total monthly debt payments (including your mortgage payment) should not exceed 36 percent of total gross monthly income.

• The price of a home should not exceed 2.5 times total gross income.

But before buyers can start plugging in numbers to a calculator, they need a clear picture of their current financial picture. Use these lists as a guide to help them get a better grasp on their finances:

Monthly Income

Take-home pay/all family members (including regular overtime and bonuses):

Child support/alimony:

Pension/Social Security:

Disability/other insurance:

Interest/dividends:

Other:

Total Monthly Income=

Monthly Debt

Potential mortgage payment:

Auto loans:

Credit card minimum payments:

Child support/alimony:

Student loans:

Other loans:

Total Monthly Debt=

Comparing Fixed Rates and Adjustable Rates

When your customers are at the point of researching potential loans, one common comparison is between a fixed-rate and an adjustable-rate mortgage. Here’s a sample comparison.

FIXED RATE

Potential purchase price of home: $400,000

Potential down payment: 50,000

Total loan amount: $350,000

Interest rate: 5.75% for 30 years

Monthly Payment: $2,042.00

ADJUSTABLE RATE

Potential purchase price of home: $400,000

Potential down payment: 50,000

Total loan amount: $350,000

Interest rate: 5.25% for 5 years/adjusting annually after

Monthly Payment for first five years: $1,932.71

Short-term savings with an ARM: $109.29 monthly; $1,311.48 annually; $6,557.40 over the five-year

ARM term

Should You Pay Points?

Points are fees calculated on the loan amount and paid to the lender at the closing. One point is equal to 1 percentage point of the loan. In many cases, lenders charge upfront points in return for a lower interest rate. But is it worth it? Assume you can reduce the interest rate on your loan from 5.75 % to 5.25 % by paying one point. Here’s a quick calculation your buyers can use.

Potential purchase price of home: $400,000

Potential down payment: $50,000

Total loan amount: $350,000

Cost of one point to buy down the loan: $3,500

Monthly payment with no points at 5.75 % interest: $2,042.00

Monthly payment with one point at 5.25 % interest: $1,932.71

Savings by paying one point up front: $109.29 monthly; $1,311.48 annually; $39,344.40 over a 30-year loan term

st 2008

Fast Facts

2009-06-13T20:54:00.000-07:00

Fast Facts

Calif. median home price - April 09: $256,700 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 09: Santa Barbara So. Coast $840,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 09: High Desert $106,530 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)
Mortgage rates - week ending 6/4/09 30-yr. fixed: 5.29% Fees/points: 0.7% 15-yr. fixed: 4.79% Fees/points: 0.7% 1-yr. adjustable: 4.81% Fees/points: 0.6% (Source: Freddie Mac)

THREE THINGS YOU NEED BEFORE BUYING A HOUSE

2009-06-11T07:56:00.000-07:00

Julie and Walt just bought and moved into their first house. They’ve been married two years and Julie’s about a month away from delivering their first child. They saved to put down 22% down on the house and were able to get an $8,000 first-time buyer tax break. Their fixed, 30-year mortgage is at 5.075%.

In a year when the economic news seems to get worse and worse, there is one bright spot for buyers: falling housing prices and low interest rates mean it’s your market. Especially those buying for the first time, who can take advantage of that tax break. What about you?

Here’s what you’ll need:

Credit you can take to the bank
A house (or rather the mortgage, the financial vehicle that makes it possible) is the holy grail of your credit score: arguably the biggest single financial move you’ll ever make. Just like you’d start saving for a down payment long before you buy, you need to start getting your credit in order well before you’re ready to apply for a mortgage.

If your credit history is good overall but there are one or two blemishes like a late payment, many mortgage lenders will simply ask for a written explanation. The most important time period in your credit history is the preceding year or two. If the explanation is reasonable and believable, many lenders will overlook the isolated problem especially if it occurred some time ago and your credit has been on track since.

More than just your score
As credit scoring in mortgage loan decisions has become more sophisticated, lenders have also begun looking at other factors in your credit history. They might be concerned if your credit cards are "maxed out", indicating potential problems with debt management. Or they might worry that if you have large lines of available credit it could mean future unmanageable debt. It’s critical to be sure the information in your credit report is accurate. Inaccuracies or the damage due to credit or identity fraud might determine whether or not mortgage lenders will offer you a loan.

Lenders also look at the number of recent inquiries into your credit report. They interpret a large number of inquiries to mean that you have recently applied for a large amount of credit. They may decide you have too much credit available to be a good credit risk if you’ve been applying for numerous lines of credit. They might foresee you getting into trouble by using them excessively, or assume other lenders have rejected your loan applications.

The right place for you
One question to ask yourself is if you’re prepared to stay in this house (or condominium) for a long time. Experts advise against buying a home unless you plan to stay in it at least three to four years because the high transaction cost of buying and selling property means you could lose money on the deal. Look at this purchase as a long-term investment, something permanent…in other words, home!

Financial security—at least some
Before you sign the mortgage papers on the dotted line, take a look at your income. Is it steady and documented? Could you cover the costs of closing, moving, and a down payment? Will you be able to also pay other associated expenses of homeownership like maintenance and repairs, homeowners association or condo association dues, insurance, utility bills, major appliance replacement or repair? And could you also continue to meet other expenses such as student or car loans and all your other costs?

If you feel like you’re ready to take on the financial challenges of home ownership, the rewards can be significant—a major investment, security for your future, even the stability of having a permanent address. Following these steps will help put yourself in the best position to get a great mortgage rate. This will make it all the sweeter when you turn the key to your new front door for the first time.

1 Million Foreclosures This Year

2009-06-02T18:23:00.000-07:00

1 Million Foreclosures This Year
As of this week, 1 million new foreclosures have been filed in 2009, according to estimates by the Center for Responsible Lending, a nonprofit research and policy organization dedicated to preserving home ownership.

A new foreclosure starts every 13 seconds – nearly 6,500 a day.

"It's easy to think, 'Well, that's tough luck for the families that lose their homes.' The truth is that foreclosures are costing neighboring families hundreds of billions of dollars and dragging down the entire economy,” says Michael Calhoun, president of CRL.

Calhoun called on lenders and loan servicers to utilize the tools offered by the U.S. government to keep people in their homes.

Source: Center for Responsible Lending (06/01/2009)

Practitioners Say Homes Prices Have Hit Bottom

2009-05-23T14:39:00.000-07:00

Real estate professionals are optimistic that home prices will hit bottom in the next six months, according to a survey from listing and home-pricing site HomeGain.com.About half of practitioners surveyed expect home prices to stay the same in the next six months, 29 percent expect them to drop, and 22 percent believe they will increase. More than 84 percent of practitioners believe their clients’ homes lost value in the last year, while 12 percent say values had stayed the same. Only 3 percent believe homes had gained value.Meanwhile, sellers were skeptical of their real estate professional’s analysis, with 69 percent believing their homes were worth more than the practitioner recommended. About 35 percent of home sellers thought their home was worth 10 percent to 20 percent more, and 10 percent thought their home was worth at least 21 percent more than their real estate professional suggested.Source: Inman News (05/18/2009)

Rates Below 5% for Ninth Week Straight

2009-05-17T10:41:00.000-07:00

Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.

Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.

The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.

Source: Freddie Mac

Big Improvement to First-Time Buyer Tax Credit

2009-05-16T17:42:00.000-07:00

Big Improvement to First-Time Buyer Tax Credit
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today's Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana.Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

A letter from Habib F. Balian,CEO, Gold Line Foothill Extension Construction Authority

2009-05-05T16:26:00.000-07:00

Jess,

I am pleased to report that the support we are getting along the Metro Gold Line Foothill Extension corridor is growing and so is the momentum.
On May 7, Citrus College will host an "I Will Ride" rally to urge Metro to fund the extension in 2010. We can complete the next phase of the extension to Azusa in 2013 with Measure R funding, if Metro allocates the resources.
The rally will feature Citrus College President Dr. Geraldine M. Perri, supporters of the "I Will Ride" campaign, students and others from the dozen colleges and universities along the corridor.
The rally will take place Thursday, May 7, at 11 a.m. on the Campus Center Mall at Citrus College, 1000 West Foothill Blvd., in Glendora. For more information, click here I Will Ride. See you there.

The Journey Continues....

Habib F. BalianChief Executive OfficerGold Line Foothill Extension Construction Authority

Pending home sales jump 3.2%

2009-05-04T16:04:00.000-07:00

Buyers defy expectations with an increase in sales contracts signed during March.

NEW YORK (CNNMoney.com) -- Is the housing meltdown ending?

Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.

The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.

It may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, according to Lawrence Yun, NAR's chief economist. And, the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December.

"We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around," said Yun. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment."

The index is understood to be a forward indicator of home sales trends since it measures contracts signed, not completed sales. The up-tick may indicate that home prices have fallen low enough for buyers to get off the fence.

Feeling for the bottom

Yun is not calling a bottom yet, however, because the index is still at a relatively low level. Instead, he's looking toward the summer selling season to determine what direction the market will take. Plus, he would like the number of homes on the market to drop to a more normal level of six to seven months of supply.

"If inventory goes down - it's at just under 10 months now - to below eight months, that would mean we're on the way to a sustainable recovery," Yun said.

Anecdotal evidence indicates that trend may be happening. Realtors and other industry insiders are seeing rising open house attendance and multiple bids on some particularly desirable properties. Plus, pricing has become sharper, according to Sherry Chris, the CEO of Better Homes and Gardens Real Estate.

"Overpricing seems to be ending," she said. "Properties are coming onto the market and selling quickly."

And buyers are feeling a little more urgency, she added. In many markets, buyers have not felt any pressure to make an offer. "They said to themselves, 'I don't have to act immediately. It will still be on the market two weeks from now,'" she said.

Today, buyers are more likely to bid because they perceive the market as at or near its bottom. An April Gallup Poll reported that 71% of Americans thought it was a good time to buy a house.

They don't, however, believe there will be price increases soon; three of four buyers think prices will stabilize or even decline in their areas over the next 12 months, according to Gallup.

Pat Newport, a real estate analyst for IHS Global Insight, is putting less emphasis on pending home sales than he once did for his housing market analyses. There has been a disconnect lately, he said, between the number of properties going into contract (pending home sales) and the number that actually close (existing home sales).

He speculates that this is because buyers are making offers and signing contracts but, because of financing problems, many deals are falling through.

Regional differences

The South saw the largest gain of any region, with pending home sales jumping 8.5%. Pending sales are 7.7% higher there compared with a year ago.

The Midwest gained 3.9% from February and 1.7% year-over-year. Northeast sales fell 5.7% and are off 24.1% compared with March 2008. The West dropped 1% for the month but are up 8.2% year-over-year.

Low home prices continued to help to drive sales, although NAR's affordability index actually fell 2.3% from February, when it hit a historic high. This index is based on family income, home prices and mortgage rates.

"Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," said NAR President Charles McMillan, in a prepared statement. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable.

By Les Christie, CNNMoney.com staff writer

Last Updated: May 4, 2009: 1:59 PM ET

C.A.R.'s Housing Affordability Fund

2009-04-19T19:04:00.000-07:00

Mortgage Protection Program

This program is designed to restore confidence and assist as many as 3,000 first-time homeowners who purchase a home between April 2, 2009, and Dec 31, 2009.

This new program will remove the nagging "what if" scenarios that a FICO score of 850 cannot shield buyers from: job loss, disability, or death of the buyer or co-buyer. If a job loss, or worse, does occur then the protection program is utilized.

C.A.R.H.A.F. has committed $1 million to support this effort. First time home buyers who enroll in the program can draw upon their mortgage protection policy in the event they lose their job after purchasing their home. Under the program, eligible first-time buyers will be able to receive $1,500 / month for six months in the event of a job loss; co-buyers are eligible to receive $750 / month. In the event of the death of the insured, the policy will provide a $10,000 death benefit.

To discuss more about this program. Please do not hesitate to call me / email me to get more specifics.

Jess Mangubat

First Time Home Buyer Seminar LA CONVENTION CENTER

2009-04-15T13:24:00.000-07:00

Free Southern California Home Buyer's Fair this weekend
Thousands of potential home buyers are expected to converge this weekend for the Southern California Home Buyer’s Fair at the Los Angeles Convention Center in downtown Los Angeles. Sponsored by C.A.R. and the “Los Angeles Times,” the second annual Southern California Home Buyer’s Fair is open from 10 a.m. to 5 p.m. Saturday, April 18, and 11 a.m. to 4 p.m., Sunday, April 19. The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).

The Fair features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from monitoring and fixing credit, finding and applying for a mortgage, to purchasing a foreclosure, short sale or REO. Several of the sessions also will be offered in Spanish. The Southern California Home Buyer’s Fair (www.homebuyersfair.com) also will feature nearly 75 exhibit booths, where attendees can obtain information from industry experts about homeownership and the home-buying process.

Please help us make this event a success with consumers by promoting the Southern California Home Buyer’s Fair. C.A.R. has prepared a fact sheet members can share with clients at http://www.car.org/media/pdf/Consumer_Flyer.pdf. We also have created online advertisements (Web banners) for members’ use. Simply copy and paste the HTML code and place it on your Web site. Visit www.homebuyersfair.com/banner for more information.

Hope to see you there and call me if you have any questions!

2009-02-25T08:04:00.000-08:00

Thank you for checking out this site. I am under construction right now..... I should be completed by the beginning of March.